One More SPY Trade
August 25, 2010
I placed the following trade this morning for the same reasons stated yesterday. Now I have a total of 20 contracts long SPY. Again, I expect to see a short-term bounce over the next day or so. Here is the trade:
SPY Trade
Stay tuned for the newsletter out today plus an end of the day post. Kindest, Andy
Oversold S&P Leads to SPY Trade
August 24, 2010
The broad market index has pushed into “very oversold” territory with two unclosed gaps overhead. Typically when this occurs, the market will experience a short-term bounce. The RSI (2) is reading 2.4 ad the (5) is sitting at 15.6 so I expect to see a short-term advance over the next few days. How long will the bounce last? Well, I do expect to see the gap from today close which means that a move to the $107.07 level should be reached. However, if that does occur over the next day or so I expect to see further declines so I would not be surprised that once I get out of my trade today (see below) I will most likely step back into another one that leans towards the short side of things. There were a few times today that I thought SPY would push higher to close the gap from today, but the bears stepped in each and every time at the $106.30 area.
SPY Trade
I have also been looking at a few Iron Condor trades, but I will save my thoughts until a later date.
I hope all of you are having a wonderful start to the week and stay tuned for my newsletter tomorrow.
Until then have a wonderful night!
Kindest,
Andy
Back from the Maritimes. Service details coming soon.
August 23, 2010
I just wanted to let everyone know that I just arrived back from a wonderful trip in the Maritimes. So incredibly relaxing!
Anyway, I will have my service details out to everyone by Wednesday of this week so check your emails.
As for the market, I have spent the day going through charts and mostly sitting on hands. I am currently leaning towards a short-term decline, but I want to see a bit more to the upside before I take a position.
I hope all of you are well and thank you all for the kind words over the past week. I look forward to prospering on this long-term journey together.
Kindest,
Andy
